我们如何让稀缺的优惠资金发挥更大作用？

关键论点

• 优惠资金稀缺；若用于解决项目发起环节的瓶颈而非仅通过次级化压低定价，每美元杠杆率可提升。
• 三种示例机制：为早期交易成本提供赠款、在MDB/DFI资产负债表之外提供商业信用增级、将特定风险配置给高信用质量交易对手。
• 承购承诺和最低收入担保可隔离价格波动等单一风险，使项目在无需担保整个资本结构的情况下可融资。
• 上述方法依赖具体情境，应补充而非替代针对不同市场失灵的基金层面和次级混合融资结构。

对应原文证据

1. 3Widening the conversation on blended finance archetypes The leverage imperative Since 2012, the blended finance market has recorded approximately 1,500 transactions representing over USD250 billion in total financing volume, although the amount of private capital directly mobilised through traditional blended finance structures remains substantially lower (Convergence Market Data Explorer, 2026). · 2012
2. USD5.33 in commercial financing was supported by every USD1 of concessional capital in 2025 4Widening the conversation on blended finance archetypes Emerging solutions Solution 1 : Grant and concessional finance to absorb first-step transaction costs A persistent barrier to project bankability in blended finance structures are the initial costs associated with early project preparation and feasibility assessment. · 2025
3. The Taskforce on Access to Climate Finance has documented that a significant proportion of country platform projects stall at the pre-feasibility or structuring stage: not because underlying project economics are unsound, but because no party is willing to absorb the first-step costs required to produce a bankable structure (Taskforce on Access to Climate Finance, 2025). · 2025